A broadly followed cryptocurrency analyst is issuing a warning to traders that Dogecoinย (DOGE) is hinting at a possible reckoning for memecoins.
In a new video update, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that Dogecoinย (DOGE) barely moving during the most up-to-date Memeย Coin cryptoย token craze impliesย that Memeย Coin assets couldย be in danger.
Reportsย by Merten, Dogecoinย (DOGE) losing the small profits it made theย previousย 30ย days could mean that the memecoin tendency is โfake.โ
โWhat does that tell you when Dogecoinย (DOGE), the largest memecoin out there, doesnโt even causeย a slight move to the upside during this Memeย Coin craze?
It was up 3 percent theย previousย 30ย days, all the profits that it made faded. If Dogecoinย (DOGE) doesnโt hold up, what does it tell you about Pepe? What does it tell you about all these other memecoins that did well? It tells you that itโs a fake tendency, itโs nothing substantial, thereย is nothing real to it, it is people propping it up with initial liquidity.โ
Merten goes on toย emphasize that investors should really only be looking to trade cryptoย altcoins during bull markets as historically, cryptoย altcoins tend to bleed out against Bitcoinย (BTC) and the Unitedย States dollar the bulkย of the time.
โIt has been unfavorable to buy Dogecoinย (DOGE) sinceย then back when the market truly peaked in cryptoย altcoins in April and May of 2021. That was when really the euphoria was in and time and time onceย more, just like in previous cycles for Dogecoinย (DOGE), if we take a look back at history, itโs a great gauge [to] turnย back on and learn about how itโs only favorable to trade cryptoย altcoins when weโre really in a bull market and when weโre in an cryptoย altcoin cycle, and they come very rarely.
The vast bulkย of the time, cryptoย altcoins are bleeding not just against Bitcoinย (BTC) but [ likewise the] dollar.โ
Dogecoinย (DOGE) is trading for $0.0706 atย theย momentย ofย writing, a 3.2 percent dip during the last 24 hours.
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